PPG Third Quarter 2014 Sales Grow 4%
PPG Industries recently reported third quarter 2014 net sales from continuing operations of $3.94 billion, an increase of $161 million, or 4%, vs. the prior year. Third quarter net income from continuing operations was $377 million.
The Performance Coatings segment had net sales of $2.26 billion, up $67 million, or 3%, over the prior-year period. Volume, price and acquisition-related gains all reportedly contributed to the sales growth and were supplemented by a small currency translation benefit.
The Industrial Coatings segment had net sales for the quarter of $1.4 billion, increasing $89 million, or 7%, year-over-year. Volumes grew 7%, matching the prior-quarter growth trend, and accounted for the segment sales change.
“We continue to benefit from customer adoption of our leading technologies,” said Charles E. Bunch, chairman and CEO. “In the quarter, net sales increased 4%, which was consistent with the prior quarter, and earnings grew in each major region. Our sales performance was driven by continued gains in aerospace, automotive OEM coatings and automotive refinish, where our growth this quarter matched or exceeded recent quarters.
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